The purpose of this study is to examine the practicability of a concept proposed by the European Commission to assess the quality of public finances. This concept consists of a broad set of indicators related to certain dimensions of the quality of public finances. On the basis of fundamental requirements to such an assessment, the representativeness of indicator based evaluations of the quality dimensions fiscal expenditure, revenue systems as well as fiscal governance are being elaborated. Apparently, the attempt to display the quality of public finances by certain �quality indicators� is wishful and may be feasible in some subareas of public finances. In light of the intended aggregation of indicators to synthetic �overall indicators�, this assessment, however, is subject to significant drawbacks. Whereas the appraisal of some sectors � such as certain subdomains of public expenditures � seems to be reliable, the complexity of underlying interrelations in other areas may lead to distorted country ratings. In view of structural shortcomings of synthetic indicators, further potential of this concept could lie in the preferential use of single and central indicators � whereas these indicators should not replace a comprehensive and disaggregated as-sessment of all dimensions of the quality of public finances.